Marker Therapeutics, Inc., a clinical-stage immuno-oncology company, reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company’s cash and cash equivalents decreased to approximately $9.0 million from $15.1 million at the end of 2023. Total current assets also fell to $10.9 million from $17.1 million, reflecting a broader decline in total assets and stockholders’ equity, which dropped to $7.4 million from $14.1 million.

For the three months ended September 30, 2024, Marker Therapeutics generated total revenues of $1.9 million, a substantial increase from $258,000 in the same period of 2023. This growth was primarily driven by a 92% increase in grant income, totaling $4.3 million for the nine months ended September 30, 2024, compared to $2.3 million in the prior year. The company recognized $0.9 million from the CPRIT grant and $0.3 million from the SBIR grant during the third quarter.

Operating expenses for the third quarter rose to $4.3 million from $3.5 million year-over-year, with research and development costs increasing by 70% to $3.5 million. This rise was attributed to higher outsourced clinical manufacturing and clinical trial expenses. Conversely, general and administrative expenses decreased by 39% to $0.9 million, reflecting cost-cutting measures, including a reduction in headcount that incurred $0.9 million in severance costs.

The net loss for the three months ended September 30, 2024, was $2.3 million, an improvement from a loss of $2.98 million in the same quarter of 2023. For the nine-month period, the net loss was $6.9 million, compared to $5.4 million in the previous year. The loss from continuing operations also showed improvement, decreasing from $11.3 million to $6.9 million.

Strategically, Marker Therapeutics underwent significant changes, including the completion of a $19 million asset sale to Cell Ready, LLC in June 2023, which has been classified as discontinued operations. The company entered into a Master Services Agreement with Cell Ready in February 2024 for outsourced services related to research and development and manufacturing. Additionally, the company has made leadership changes, appointing Dr. Juan Vera as President and CEO in May 2023, and Eliot M. Lurier served as Interim CFO until November 2023.

The company anticipates that its current cash reserves will support operations into October 2025, contingent on effective cost management and capital raising efforts. However, there remains substantial doubt regarding its ability to continue as a going concern, given the reliance on grant income and the absence of revenue from product sales.